Yoneyama, July 2022

Now that you had the bylaws of your company certified by a notary public office of the prefecture where you apply for incorporation of your company, you need to transfer the money you prepare for paid-in capital. The money transfer becomes one of proofs of your intent to establish a real business at the time of the registration at a local branch of the Ministry of Justice, while you are not allowed to open a bank account of your new corporation before its registration.  So, you need to make the money transfer to your personal account.

If you want to start up your business small and simple, you may wish to opt for a stock company without board of directors and without auditor. In this case, all you need to present for the registration of your company are as follows:

l  Stock company establishment registration application form

l  Revenue stamp in the amount of 40,000 JPY

l  Notarized bylaws

l  Memo of agreement that states that fact that all the incorporators decide on the name, mission, H.Q.’s address etc. of the new company

l  Memo of acceptance that shows the initial representative director’s acceptance of assuming the position

l  Certificate of individual incorporators’ seal imprint

l  Xerox copy of the face (top) page and the page showing the money transfer transaction of the bank note of incorporators’ bank account

l  Registration form of new company’s jitsuin (corporate seal)

l  A summary paper of all the items to be registered in conjunction with the company registration

After presenting the application form and supporting documentation to a clerk at a local branch of the MoJ, some questions or request for corrections may normally come, and after when the application is officially accepted, around 10 working days or so are required for the registration and an incorporation number as well as a company’s jitsuin certificate card are granted. 

Now that you had your new company registered by the Ministry of Justice, you would like to open your company’s bank account. In general, the following documents need to be presented to a local branch of any of major banks such as Sumitomo Mitsui, Mitsubishi UFJ, Mizuho and so forth:

l      A copy of your company’s registered seal certificate (the certificate needs to be issued within six months of the application of opening the bank account.)

l     A copy of your company’s certificate of registration (the certificate needs to be issued within six months of the application of opening the bank account.)

l      A xerox copy of your personal ID (driver’s license, passport or my number card) assuming that you go to the bank in person

l      A copy of building registration certificate (if you own your office building) or of office rental agreement with your landlord

l      A copy of business license by the central government or local government depending on the type of business you start (for example, if you start a business to export Japanese used cars, you need “kobutsusho (secondhand dealer) license from the prefectural government’s police department)

l       A copy of document that shows your full name in alphabet if you (non-Japanese) substantially dominate the control of your company.

After opening the bank account, you need to file your company’s tax account to a local tax office of National Tax Administration Agency, prefectural government and municipal government.

It is important that you file the form called blue income tax return under the system for tax payment by self-assessment so that your company will be able to enjoy the following benefits:

l  Special deduction as high as 650,000 JPY

l  Carry-over and carry-back of net loss are allowed.

l  Allowance for bad debts can be appropriated.

l  Small amount depreciation asset exemption is allowed.